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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
 Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, fertiliser producers and consumer goods companies, Fitch Ratings says. Smaller companies in these industries are under the most pressure, while larger and more diversified issuers rated by Fitch are better positioned to mitigate the impact. Gas prices could remain high until the end of the winter heating season, given low levels of natural gas in European storage facilities. However, we expect prices to moderate once seasonal demand reduces.
High gas prices and working capital fluctuations have already caused several non-integrated UK gas suppliers (not rated by Fitch) to ask for state support in fulfilling their supply obligations to customers.
The Spanish government has introduced a levy on low-carbon power producers to support smaller suppliers.
Supply is typically a small part of larger Fitch-rated integrated utilities in Europe, which are able to pass costs on to most customer groups, or hedge. Although we expect higher gas prices to increase regulatory risks, the rated utilities’ diversification by jurisdiction and business line, including electricity production and distribution networks, cushions the impact. The unfolding situation in the European gas market may further accelerate the energy transition in the utility sector towards renewables.
Fertiliser producers have been severely affected by rising gas prices. Gas is a key input in ammonia production, which is further used in urea and DAP production. Several ammonia plants in Europe have cut their output or have temporarily shut down operations. Larger Fitch-rated fertiliser producers with a global presence are able to continue production in other regions or source ammonia from third parties, limiting the impact. Producers may also seek to increase fertiliser prices to pass costs onto consumers.
Agriculture and food producers are affected by challenges in the fertiliser sector. Agribusinesses may face shortages in fertiliser supplies and increased prices, most likely increasing their costs in the next season’s harvest. However, meat processors and carbonated drinks manufacturers, particularly in the UK, already face disruptions due to CO2 shortages, which is a by-product of ammonia manufacturing and is used in meat and fizzy drinks production. Geographically diversified food and beverages producers are better positioned to mitigate such shortages.
The record-high prices in Europe are driven by increased demand (due to the wider economic recovery and weather-related factors), competition with Asia for LNG, and a limited supply response from Gazprom, Europe’s largest supplier, providing about a third of Europe’s gas. Prices have also risen due to market fears of a gas deficit during the winter heating season due to low European storage utilisation compared to previous years.
Utilisation at Gazprom-linked storage facilities (around 10% of European capacity) is particularly low, affecting average utilisation rates in Austria, Germany and the Netherlands. Furthermore, unlike September in recent years, Gazprom has not offered any meaningful volumes for delivery this or next year via its electronic sales platform (a sales channel for short-term gas deliveries, used in addition to sales under long-term contracts). Gazprom’s total exports should increase in 2021 but this is unlikely to be sufficient to re-balance the market. Starting the new Nord Stream 2 pipeline, which is facing difficulties in obtaining necessary approvals from regulators in Europe, may affect the availability of additional gas volumes.
We have recently increased our short-term gas price assumptions. However, we expect a normalisation of demand and potential additional supplies to result in a return to mid-cycle pricing from 2023.
Source: Fitch Ratings
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Friday, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Australian Coal Association
- CNBM International Corporation - China
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- PTC India Limited - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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